Idaho Real Estate Practice Exam

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What is required for Limited Disclosed Dual Agency to occur in Idaho?

Written consent from the broker only
Written consent from both buyer and seller
No consent needed
Consent from a third party

The correct answer is: Written consent from both buyer and seller

Limited Disclosed Dual Agency in Idaho requires written consent from both the buyer and the seller. This approach allows a single real estate broker to represent both parties in a transaction while still maintaining the obligation to act in the best interests of each client. Obtaining consent from both the buyer and the seller is crucial because it ensures that both parties are fully aware of the potential conflicts of interest that may arise when one agent represents both sides. This consent must be documented in writing, which serves as a safeguard for all parties involved, outlining their mutual agreement to the arrangement. The presence of clear and documented consent protects the integrity of the real estate transaction and upholds the fiduciary duties the broker has towards both clients. Not requiring consent or only obtaining consent from one party would violate the legal framework surrounding agency relationships and could lead to legal repercussions for the broker. Consent from a third party is not relevant in this context as the primary focus is on the agreement between the broker and the clients directly involved in the transaction.